What are West U lot prices doing now that the news is chock full of good real estate news? Lately, people have been rushing to declare the end of the real estate crunch. Here are some sample headlines….
- Houston MLS Market Update, July 17, 2102 – Houston Home Sales and Pricing Reach New Heights in June. “Temperatures are not the only thing sizzling in June. Consumers snapped up homes at the greatest volume in nearly five years, pushing average and median prices to record high with increased volume in purchases of higher-end properties…”
- USA Today, 7/18/2012 – Housing Starts in June Highest in Four Years. “Housing starts jumped 6.9% in June to a 3 ½ -year high, underscoring the residential real estate’s slow recovery as a bright spot in a sputtering economy…”
- Bloomberg L.P., July 23, 2012 – Goldman Sachs Sees Strong Recovery Starting for Housing “Housing has a ‘long list of positives’ including rising prices, job growth, supportive government policies and a decline in the so-called shadow inventory of homes… They raised their rating on the homebuilding industry to attractive from neutral…”
- CNN Money, July 24, 2012 – Home Values Rise for First Time in 5 Years. “Home prices hit a bottom and are finally bouncing back, according to an industry report…”
Here in Houston – and specifically here in West University Place – we real estate professionals have seen the upward trend for quite some time. Check the graph above of West U lot prices to see how dramatically our land prices have risen recently…
Yes, raw land, buildable lots and tear-downs have all been selling briskly again. Most tellingly, I awakened recently to the growl of a bulldozer on my street. And that is the first time I have heard that distinctive noise since before the sub-prime market collapsed!
For more information on West U lot prices, please call Roger Martin Properties at 713-661-2300.